Arsenal take £120million covid loan from Bank of England
Arsenal have taken out a “short-term” £120m corporate loan from the Bank of England to help offset the impact
of the COVID-19 pandemic. The Premier League giants are taking a short-term loan through this facility to
partially assist in managing the impacts of the revenue losses attributable to the continuing global crisis.
During August, the Premier League club announced plans to make 55 roles redundant across several
departments because of the financial damage suffered during the coronavirus crisis.
Arsenal have one the highest wage bills in European football and at the height of the pandemic last year,
the club became embroiled in a dispute with its playing staff who were asked to take a 12.5% pay cut,
while they also, controversially, announced 55 redundancies.
Aside from one Europa League game against Rapid Vienna and one Premier League fixture Arsenal have
continued to play behind closed doors this season and have been deprived of the £3.5million they generate on
On Thursday, Arsenal confirmed the club were utilizing a Bank of England scheme, which must be paid back by
May, to bring in significant additional revenue, with matches at the Emirates Stadium now once again being
played behind closed doors.
A statement on the club’s website reads: “As we continue to work through the implications of the global
pandemic on our finances, we can confirm that the club has met the criteria set by the Bank of England for the
Covid Corporate Financing Facility (CCFF).
As a result, we are taking a short-term £120 million loan through this facility to partially assist in managing
the impact of the revenue losses attributable to the pandemic. This is a similar approach to that taken by a wide
variety of major organizations across many industries including sport, and is repayable in May 2021.